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Hyperliquid (HYPE) has seen a sharp rise in trading activity, with volumes jumping more than 680% across major exchanges. The spike was followed by a price recovery that pushed HYPE above $91, raising questions about whether the cryptocurrency is gearing up for another major rally.
Trading Volume Explodes as HYPE Climbs 15%
According to CoinGlass data, HYPE is trading around $91.41, up 15.22% over the past 24 hours. Futures trading volume has reached $13.47 billion, while spot volume sits at roughly $1 billion.
Binance leads trading activity with $3.89 billion in daily volume, a 789.13% increase. Meanwhile, Hyperliquid's native exchange recorded $3.06 billion, reflecting a 738.72% jump.
Open interest currently stands at $4.02 billion, pointing to heavy participation in the derivatives market.
That futures activity could bring liquidation risks if prices suddenly reverse.
Technical Indicators Point to Bullish Momentum
The daily TradingView chart shows a strong recovery from recent lows near $75, with HYPE reclaiming several key moving averages.
The latest bullish candle comes with a significant volume spike, suggesting growing market participation.
Meanwhile, the Relative Strength Index (RSI) has climbed toward 65, signaling strengthening momentum without entering traditionally overbought territory.
Immediate resistance sits between $94 and $98, where selling pressure appeared previously. A decisive breakout above this zone could open the door toward the psychologically important $100 level. On the other hand, failure to hold momentum could trigger a pullback toward $85, followed by stronger support around $80.
Can HYPE Keep Its Rally Going?
Despite the impressive price performance, derivatives flows aren't as healthy as they might appear. CoinGlass data shows roughly $32.57 million in liquidations over 24 hours, while futures net outflows reached $50.28 million over 12 hours.
HYPE's combination of rising volume, improving technical indicators, and renewed market interest supports a cautiously bullish outlook.
The $94–98 resistance zone remains the critical level to watch, with a confirmed breakout potentially determining HYPE's next directional move.
Arman Shirinyan
Dan Burgin
